The New York Attorney General's office announced today that they're charging Bank of America and its former CEO Ken Lewis with fraud. The charges stem from BofA's disastrous merger with Merrill Lynch and their alleged failure to disclose important information about the deal to shareholders or the federal government.
This investigation drives right to the heart of the financial crisis and taxpayers deserve to have all the facts. Tell Bank of America to come clean with all the information surrounding the Merrill Lynch deal by using the form to the right.
From the Attorney General's office:
“This merger is a classic example of how the actions of our nation’s largest financial institutions led to the near-collapse of our financial system,” said Attorney General Cuomo. “Bank of America, through its top management, engaged in a concerted effort to deceive shareholders and American taxpayers at large. This was an arrogant scheme hatched by the bank’s top executives who believed they could play by their own set of rules. In the end, they committed an enormous fraud and American taxpayers ended up paying billions for Bank of America’s misdeeds.”